Why do I need insurance?
Done correctly, insurance provides protection against unforeseen circumstances which can have a major impact on your financial situation.
There are many different types of insurance, each designed to provide cover for specific scenarios such as:
There is also insurance that applies more specifically to businesses and business owners that might need to be considered, including:
- Key person insurance
- Business expense insurance
- Insurance obtained to fund buy/sell agreements
How can we help you?
Why seek professional advice about my insurance needs?
There is a common misconception that insurers don’t pay up when the time comes to make a claim.
The truth is, insurers absolutely do pay benefits in full – if you have done your due diligence to understand the policy you’re getting before you agree to it.
If you decide to arrange insurance directly, you may end up with a level of cover which may not be appropriate for your circumstances. If cover is obtained without going through appropriate levels of medical underwriting, you may be limiting your chances of receiving a benefit when you’re faced with the situation you hope to be insured against.
The key lies in selecting the right insurer at the right time under the right terms and conditions. By doing this, you significantly increase the likelihood of a payout when it comes time to claim in the future.
Why worry about insurance while I’m young?
When you’re young, it’s easy to dismiss insurance as something to worry about later in life.
However, this is one reason why people in their older years are unable to obtain the level or type of cover they need when difficult situations arise.
By locking in insurance when you are young and healthy, the insurer will underwrite your policy based on your current state of health. You essentially “get in the club” early, then all you need to do is maintain your policy to eliminate the risk that a pre-existing health condition could void your claim at some time in the future.
You can also get great deals on insurance premiums when you sign up at a younger age, thereby reducing the overall cost of premiums over the lifetime of your policy.
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How can RSM help with insurance?
At RSM, our skilled advisers can work with you to identify optimal levels of personal or business cover based on your circumstances, taking into consideration:
- Loans and other debts
- Education costs of children
- Income required to retain existing lifestyle
- Personal and family goals
- Business activities and objectives
We go beyond “default” cover to consider important factors such as your superannuation and overall wealth accumulation strategies – as well as the structure of your insurance to minimise cost and maximise tax effectiveness.
For business owners, we weigh your risks and opportunities and use these to help you make smart decisions about the best way to leverage insurance for maximum benefit.
Most importantly, we can walk you through the maze of insurance providers to find one with statistically strong claims history, helping ensure your policy is structured in the strongest way to enable a successful claim.